Chase Can Help with Your College Debt
FFELP Consolidation Loans
J.P. Morgan Chase is first and foremost a bank. But, as the times have changed, so has their business. With student loans becoming so prominent, they have created a strong student loan sector. As tuition prices have risen, students must borrow more and more. Many find themselves using multiple loans to pay for the high costs of college which can lead to headaches in the future when it comes to paying them back. Using a private lender, such as Chase Bank, you are able to consolidate and bundle all of your loans into one. This makes managing your payments much easier.
Student Loan Products Cater to All Types
By far, one of the costliest degrees is in the medical field. Luckily, jobs under in this profession pay very well. Not every student can afford to pay this degree program however, and must seek out loans. Students entering graduate school in any area of healthcare should be award of Chase Select Health Professions Loan. This loan program has a few unique features:
- Immediate repayment options- this lets you to save money over the life of the loan. When you graduate, you won’t have as much debt to pay back. It also allows you to establish a credit history while in school.
- No origination fees.
- .25% interest rate reduction if you set up your account to have automatic payments deducted from your bank account.
They also offer other undergraduate and graduate loans. It is not required, but it is encouraged that you have a cosigner when applying for the loan. This will increase the likelihood that you get approved for the loan.
A Case for Student Loan Consolidation
No matter how many scholarships and grants you receive, sometimes you simply get all the financial aid you need to go to school. After you have exhausted all other options, then you should seek student loans. If you end up with too many loans or have to much debt to pay off you should look for a consolidation loan. Here are a few things to consider before getting consolidation loans:
- How many loans do you currently carry?
- How many payments remain on each, and how long until they are fully repaid?
- What are your interest rates?
- Are you having trouble making monthly payments?
If you are managing your payments easily, then consolidation loans may not be for you. They may extend the life of your payments up to 30 years. If you are on schedule to pay off your loans quicker than that, you may want to avoid consolidation loans all together.
Chase Offers a Federal Consolidation Loan
Note: Chase no longer offers federal student loans. This section has been kept for historical reference.
Many private lenders feature the FFELP Consolidation Loan in tandem with a private student consolidation loan. Chase offers only the Federal Consolidation Loan. Select features of a federal consolidation loan are prepackaged by the feds:
- Loans are based on a fixed interest rate, calculated by a “weighted average” of your loan interest rates as of the loan consolidation application date, and capped at 8.25.
- There is no credit check to apply.
- FFELP Loans are not eligible for consolidation while the student is still in school.
- The minimum amount of federal students must have in order to apply is $5,000.
- If you apply during your new-grad grace period, you qualify for a reduced interest rate. Also, you are allowed to wait to start repaying until your grace period is up.
- You can set up to have payments directly taken out of your checking account each month. This will reduce your interest rate by .25%..
- If you make 36 consecutive payments on time, you earn an additional 1.00% interest rate reduction.
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